Explain why the 3 types of goals are important to the strategy of an organization

APA Format must use 2 peer reviewed resources. Must follow correctly all instrustions. Review Figure 5.3 in the textbook. FIGURE 5.3 Three levels of management, three types of planning Three Types of Planning for Three Levels of Management: Strategic, Tactical, & Operational Strategic planning by top management. Using their mission and vision statements, top managers do strategic planning—they determine what the organization’s long-term goals should be for the next 1–5 years with the resources they expect to have available. “Strategic planning requires visionary and directional thinking,” says one authority.37 It should communicate not only general goals about growth and profits but also ways to achieve them. Today, because of the frequency with which world competition and information technology alter marketplace conditions, a company’s strategic planning may have to be done closer to every 1 or 2 years than every 5. Still, at a big company like Boeing or Ford or Amazon (see Example box below), top executives cannot lose sight of long-range, multiyear planning. Tactical planning by middle management. The strategic priorities and policies are then passed down to middle managers, who must do tactical planning—that is, they determine what contributions their departments or similar work units can make with their given resources during the next 6–24 months. images Operational planning by first-line management. Middle managers then pass these plans along to first-line managers to do operational planning—that is, they determine how to accomplish specific tasks with available resources within the next 1–52 weeks. The three kinds of managers are described further in the figure below. (See Figure 5.3.)

Write a 1,050- to 1,400-word paper in which you address the following: Explain why the 3 types of goals are important to the strategy of an organization. Explain why the different types of planning are important to the strategy of an organization. Examine are the elements or factors involved in creating an effective strategy for an organization? Cite a minimum of 2 peer-reviewed sources and include examples from one or more Fortune 500 companies to illustrate your points.